Driving Intelligence & Efficiency into due diligence processes

The Brief

As more Independent Financial Advisers work more closely with investment managers and with existing relationships review or validate them, the FCA requirements are driving increasing numbers of Due Diligence Questionnaires (DDQs).

Completing them is time consuming and principally an overhead that reduces margin. Also responding to them has often been a side activity alongside a day job.

Factor in that coordinating information from colleagues and managing the volumes and deadlines is difficult. Often leaving a sense that, given more time, a much better response would have been possible.

DD|Hub came to us with a concept of the online 'one and done' approach.

In other words, IFAs complete a superset of all their possible responses online and then an Investment Manager accesses all these responses to respond to DDQs instantly, freeing time to focus on honing the responses, as well as follow-up questions and building relationships. All in a framework of strong governance to evidence compliance.

The Solution

From a functional perspective, the application has fully dynamic question generation and survey management. With workflow management that supports notifications when questions responses need to be reviewed and updated, and by whom.

All reports are generated and exported as Microsoft Word and PDFs.

The custom-built reporting engine allows dynamic data interrogation using Microsoft PowerBI and export to Microsoft Office products. With analytics to track IFA usage behaviours, giving Investment Managers greater insight.

It also can be securely integrated into 3rd party workflows using Single Sign On (SSO) and API integrations.

From a technical perspective, we designed and built it as a custom .NET application, following our well-established design principles with integration points.

With over 14,000 IFAs in the UK, saving 250 hours a year on average, it has the potential to unlock over 145,000 person-days a year. Transforming an entire sector.

Built with the extensibility in mind, other services are being added to it monthly.

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